In many cases, a product fails not because it’s flawed, but because it lacks an effective marketing strategy (GTM). In today’s technologically advanced economy, most companies compete for the same audience.
There are over 15,000 SaaS companies, and your marketing strategy will determine your success. Gartner predicts the SaaS market will generate 170 billion dollars by 2022. To take advantage of this opportunity, prioritize your brand’s GTM strategy.
The effectiveness of your business-to-business (B2B) go-to-market strategy can be improved in the following six ways:
- Begin Formulating Your Marketing Strategy Right Away
- Having a Good Product-Market Fit Is Not Enough to Get You Fooled
- Strive to Acquire a Variety of Customers
- Recognizing Potential Distribution Channels and Assessing Your Message
- Aim for the Fruits That Are Close to the Ground
- Determine your adversaries’ weaknesses and exploit them to your advantage
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Begin Formulating Your Marketing Strategy Right Away
This tactic shouldn’t be an afterthought; rather, it ought to be built in from the beginning of the product creation process. Do not make the purchase if you are unsure of how and where you will be able to sell it! It is absolutely necessary to establish a connection between the product development process and the marketing strategy. Beginning your GTM strategy earlier can provide you with a number of benefits, including the following: There are a variety of applications for market research, data, and metrics developed for product development.
Create buyer personas to understand your audience. Address their concerns and needs to create a convincing sales pitch. Marketing your MVP to a limited audience and gathering feedback can help you understand the market and improve your product. Lead generation is the best way to find a market for your SaaS product while you’re still developing it.
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Having a Good Product-Market Fit Is Not Enough to Get You Fooled
Products sold to businesses as a service are different from those sold to consumers. Selling physical products or services to a purchasing committee isn’t necessary. You shouldn’t expect the traditional Product-Market fit principle to work miracles for you because it doesn’t apply to your situation.
SaaS companies value product-market fit more. This endeavor aims to solve a problem. Marketing should also be coordinated. When selling a product or service, emphasize its benefits over its features. Your product’s marketing team must focus on the product’s ability to solve problems. Your sales pitch should address the problem and its solution.
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Strive to Acquire a Variety of Customers
According to their job titles and organizational roles, your marketing team would interact with the following personas: (at times the same person wearing different personas in different roles). Initiators are usually junior executives. This person is a product initiator. A powerful influencer in an organization can sway both staff and decision-makers. The most dangerous employee is one who resists change and prevents product sales. To understand potential customers’ buyer personas, conduct market research. For your marketing team’s long-term success, you must understand each member’s role, goals, and motivations for closing the deal.
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Recognizing Potential Distribution Channels and Assessing Your Message
You must complete a feasibility study before launching a large-scale GTM campaign. No matter how hard your team works, the campaign may fail. Before launching a full-scale campaign, test messaging. You must collect data on the channel, audience, and messaging for this procedure. Do you use the most effective marketing channels? Despite Facebook’s reach, Twitter and LinkedIn may have more interaction.
Your point getting across? Have they become interested in what you offer? Try out different messages and targeting approaches in your test campaign, then analyze KPIs. If you do this, you can reach your target audience with the right message, advertise to them on the right platforms, and ultimately influence them to buy your product or service.
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Aim for the Fruits That Are Close to the Ground
A large company’s potential profits may make it an attractive target. Your product could attract hundreds of users, generating immediate revenue. Large companies’ sales processes can be lengthy and confusing. Companies may feel overburdened by the number of people they must communicate with. Large companies avoid unnecessary risks when buying new products. Small and new businesses are more likely to adopt a novel product or service. First-time customers’ feedback should be incorporated into future products, so recruit them. Before competing with seasoned pros, gain some experience.
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Determine your adversaries’ weaknesses and exploit them to your advantage
Monitoring the marketing approaches taken by your rivals is an extremely important business practice.
Conduct a SWOT analysis on their campaign and make a note of the channels and messaging strategy that they are employing. If you have a good understanding of the strengths and weaknesses of your competitors, you will be able to match their strategy and exploit the shortcomings that it has.